A credit shelter trust, a bypass or exemption trust, is a type of trust used in estate planning to reduce the amount of federal or Washington estate tax owed by a deceased person's estate. Washington state has a state-level estate tax with an exemption amount of $2,193,000 per person (as of 2023). The federal estate [...]
How do creditors get paid after someone dies? There are three options in Washington state, two of which I will discuss here: 1) Wait and See; or 2) Publication of a Notice to Creditors. I very strongly recommend option 2. In Washington and depending upon which of the above options you select, creditors will have [...]
When it comes to running the day to day functions of a business, owners are well known to typically stay elbow deep in the process. That's because as the owner you are typically the very heart and soul of the business itself. Many business owners are loved or appreciated by their clientele, and you work [...]
There are so many misconceptions based around when you should begin working on your estate plan. We've heard many people ask whether estate plans are simply for the very rich or famous. This however couldn't be more incorrect. Estate planning is centered on the process of ensuring that YOUR wishes about what happens to your [...]
